You’ve probably heard of Maslow’s “Hierarchy of Needs”. He identified how a person’s needs dominate motivation and behavior and that there is a specific order in which they should be met.
His theory suggested that the basic needs (physiological, safety, love and belonging) had to be met before the individual will desire and pursue higher levels of needs (esteem, self actualization, and self transcendence).
If a need is not met, the individual will feel tense and anxious. Although people may have several needs at any time, one will dominate their actions.
We have found a similar hierarchy of needs among business owners. This is based on our thirty years working with product and service businesses of all types from accounting firms to zoos. There can be motivation to accomplish several needs at the same time but one will be dominant. Each need must be met in the order below before the owner is strongly motivated to focus on the next.
Business Owners Hierarchy of Needs
- Sufficient Sales (every sale is critical)
- Financial Management (costs and profitability are critical)
- Marketing Actions (marketing generates enough prospects for enough sales to occur)
- Personnel (ramp up — enough support to delver the product and service)
- Government Compliance (concerns about regulations, personnel law and taxes predominate)
- Processes and Procedures (first step toward consistency and growth)
- Team Management (training need)
- Scalability (focus on how this leads to a profitable exit and transference strategy for the owner)
How to Use the Business Owners Hierarchy of Needs
If you’re selling to a business, this should help you look at your sales strategy and approach. Make sure you’re choosing to focus your sales efforts on business owners who are motivated by the need your solution will provide.
If you’re the business owner, this should help you spend your dollars and time wisely. It may also lessen your anxiety and tension. Other owners have been where you are. We’ve been there with our business. You’re not weird or alone.
Where do you fit on this hierarchy? Where do your Platinum Profile Customers™ fit?
Please contact me if you’d like to talk about how to get to the right customer or to get control and move your business forward. If you want to focus on your scalability potential, you may want to attend our class on Tuesday, June 25. RSVP by calling 512-933-1983 or register at https://www.eventbrite.com/directory?q=Business+Success+Center&loc=Austin%2C+TX.